@JRT4 wrote:
I received a 1099-R from a traditional ira showing a distribution of 15,000. How do I report that I contributed 14,000 in nondeductible contributions so reportable income is only $1,000 and not $15,000.
When did you make $14,000 non-deductible contributions? Each year a non-deductible contribution is made it must be reported on a 8606 form for that year and the total non-recovered non-deductible contribution would be on line 14.
When you enter a 1099-R for a distribution it asks if you had any non-deductible contributions - say yes and enter the last filed 8606 form line 14 amount and the year end value of all IRA accouts to offset some or most of the tax.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
